ApproxFinance – Is This Website a Legitimate Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ApproxFinance - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://approxfinance.com
Founded: 2021
Regulations: Unregulated
Languages: English, Italian, Spanish
Deposit Methods: Bank transfer and Credit card
Minimum Deposit: $100
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Indices, Commodity, and Metals
Trading Accounts and Conditions
ApproxFinance offers a total of 4 account types because, according to them, it is a crucial way of delivering a “first-rate trading experience.” Each tier that they offer is conveniently tailored to meet the standards of different traders, and as we see on their website, we see the diversity that each tier provides.
The first tier on the list is called Standard ECN. It has a high minimum deposit of $100, minimum lot size of 0.1, and offers spread from 4.5 pips. Almost all other features like Leverage, Scalping, Stop out Level, and availability for an Islamic account are just the same as all the tiers that ApproxFinance has provided on their website. The second tier is called Classic ECN, and it has a minimum deposit of $1000, a very high and odd leap from the $100 that a Standard ECN account offers. Its other features include a minimum lot size of 0.05 and an offer spread from 3.5 pips.
The third tier is called an Expert Account, and by the looks, it is only recommended towards wealthy investors and those that already have enough knowledge of online investments. The Expert Account has a minimum deposit amount of $5000, minimum lot size of 0.010, and offers spread from 2.5 pips. Lastly, they call the Pro Account, which boasts a ridiculously high amount of minimum deposit, amounting to $25000. The rest of the features include; minimum lot size of 1.00 and offers spread from 0.5 pips.
Aside from a statement of risk disclosure, there’s no legal documentation available to look at on the website, which means that ApproxFinance is definitely up to something. Never associate yourself with brokers that fail to state their terms and conditions as you don’t know what you are signing up for. You will just be shocked someday if they do something with your funds without knowing because they have modified the agreement to favor their interests.
ApproxFinance – Advantages
One thing that caught our eye is the website design. It’s flawless, and we can safely say that the people behind it dedicated a lot of their time to make the website look legitimate. However, since there are more important things than design, we decided not to put it as an advantage. The website design itself is also a way to bait in people, to make them believe that the website is professional.
ApproxFinance – Disadvantages
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Anonymous Operation and Unregulated Service
A quick tour of their website already made us conclude that the people behind ApproxFinance are doing their best to become anonymous; that’s why they never included any name or company associated with the website. They have provided an address, to be fair, but this information isn’t enough to determine if what they’re doing is legitimate.
Our best guess is that ApproxFinance is an offshore broker that is too shy to admit its origin. They also have claimed to have physical office locations in both the UK and Canada, and even if this is the case, a license for their business operation isn’t present. Given how both territories are strict with brokers, they won’t let a website like this operate for long.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Misleading Trading Platform Claims
Everything that ApproxFinance is doing is overwhelming. They are trying hard to make their website legitimate as it can attract people without prior knowledge of online investments. One of their tactics is using the MetaTrader4 branding to make their service stand-out and gain trust from strangers and potential clients. However, when clicking on any of their alleged trading platforms, it only proceeds to a website that says “Page not found.” It is a very suspicious find, and we think that people who have invested money in ApproxFinance never had a chance to use MetaTrader4, and perhaps they have presented with an essential web trading software.
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Risky Deposit and Withdrawal Method
It is essential to discuss the ridiculous minimum deposit amount that ApproxFinance has implemented, with the lowest one being $100 and the highest being $25000. Such amounts are very suspicious as legitimate brokers only ask for a low minimum deposit amount, typically only amounting to $5 or even $10. These amounts are very risky to let go, and we don’t recommend putting any part of your funds to ApproxFinance as they might have another plan for them.
Since we have already deduced that ApproxFinance is unregulated, there’s more reason why depositing into their service is considered a danger. Without any regulation, you are not protected by any financial authorities in the region. They have all the freedom to take your money and never let you withdraw any amount.
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Very High Spreads
The spreads that ApproxFinance offers vary from each account tier that is on their website. The first account type has a spread from 4.5 pips, which is considered a very high amount, especially for those who haven’t tried trading yet. While the Pro Account tier has a low spread from 0.5 pips, you still have to spend a lot of money to access this, and given that the minimum deposit of the Pro Account is $25000, it won’t ever happen.
Always look for legitimate brokers that offer reasonable spreads, which can benefit both parties and make trading a lot more fun and rewarding.
Conclusion
The people behind ApproxFinance are a total tryhard. Because they know that many people can be easily tricked upfront, for example, with a website, they did their very best to make theirs look legitimate. However, this effort won’t pass against us since we know what we are doing, and we are confident about where to look for it. While it is commendable to put out a website with a design like this, we are still condemning ApproxFinance with their activities and each lie that they made with their claims.
In summary, ApproxFinance is a scam website that is only operating to get more and more money as time passes by.
ApproxFinance
Pros
- None
Cons
- Anonymous Operation and Unregulated Service
- Misleading Trading Platform Claims
- Risky Deposit and Withdrawal Method
- Very High Spreads
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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